4Q10 results In Line. CapitaLand (CAPL) reported 4Q10 PATMI of S$522.1m, down 41.1% YoY, which also included portfolio gains of $223.4m due mainly from the divestment of Raffles City Changning and 28 serviced residence properties. Excluding divestment gains, 4Q10 results came in largely in line within our expectations. On an annual basis, PATMI increased 20.9% to $1,273m in FY10. Performance improved across the board; with the exception of CL Residential Singapore.
S$6bn capital to be deployed. Management aims to deploy $6bn in capital in FY11: CapitaMalls Asia (CMA) would deploy $2bn and Ascott S$1bn, with the reminder spread out between other segments. We believe CAPL can take advantage of market uncertainty to execute projects and recycle capital expediently. To buffer against uncertainty in the residential space, CAPL has set up a new business segment, CapitaValue Homes, to focus on building affordable housing in China and Vietnam which is more likely to be supported by fundamental demand.
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